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now, august 2nd is the big date, and the hard deadline or the u.s. default defaults on the $14.3 trillion debt. the white house says that lawmakers need a basic plan in place by today if they are going to be able to craft a bill in time to avert a default. nbc's kristen welker is following all of this for us live at the white house. kristen, good afternoon. where do we go from here? what is the bottom line? a lot of talking from the white house and the republicans and where does it all stand and what is next? >> hi, there, jeff. house speaker john boehner and president obama are saying that they are not close to a deal, but there has certainly been a lot of chatter about a potential deal. here is what it would look like. it would involve $3 trillion in deficit reductions over the next decade. it would include immediate cus s to discretionary spending right off of the top, and then over time, you'd see some changes in entitlements things like social security and medicare and also some changes to the tax code including a roll back for tax breaks for the wealthy americans and the
a big deal. so what is a big deal? white house officials tell me anything over $2 trillion, but he is pushing for more in the area of cuts that would equal $4 trillion over the next 10 to 12 years. now, this all comes against the backdrop of a report today in the "washington post" saying thatm president obama is putting social security on the table along with medicare and medicaid and when we asked the white house about this, they said, look, this is not news. the president has always supported the idea of small cuts in those entitlement programs to make them more effective as long as the cuts didn't impact beneficiaries and having said that some folks on the hill say there are some scenarios which would see a major overhaul of the entitlement programs, but the white house says they would not want to see anything to overhaul the main programs. but one of the sticking points here, thomas, is taxes. democrats want to see a rollback in tax credits for the wealthy americans and in big corporations, and the republicans have said no way, we don't support anything that looks like a tax in
this is impacting the temperatures that we're seeing. >> well, it's a big ridge of high pressure that's very strong and doesn't want to move, and we might be looking at it for a long period of time. we talk a lot about the humidity and what role that plays. your body tries to cool off by using sweat and evaporation. that doesn't happen very easily if you've got a lot of moisture in the atmosphere. coming up in the next hour, it will feel like 109 in chicago, 108 in st. louis, and the real problem for people who don't have air conditioning is what happens at night. we go to 11:00 tonight. it will still feel like 101 in st. louis. that's crazy. 95 in chicago and 89 in cincinnati, and this isn't going to change very much. again, it's a big ridge of high pressure. we talked about this heat dome gradually descending air. it's very strong and when fronts try to move in, they are redirected off to the north, and we don't get very much cool air at all. we're going to watch this ridge gradually expand a little farther east in the coming days, so it's going to be getting warmer into the northeast. by friday
. the president has made clear that he believes that this has been an opportunity to do something big and historic that requires political will by democrats and republicans, a willingness to take heat from your base as opposed to placate your base, but it requires a will on both sides, and with that i'll take your questions. mr. feller. >> thanks, jay. two questions. we're obviously 24 hours closer to potential calamity here. is the white house any closer itself to a strategy and what's the president doing to achieve it? >> as you know, congress needs to take action. we have been intensely engaged in negotiations, in conversations, in proposals and counterproposals with congress at a variety of different levels. the talks led by the vice president, the private conversations and negotiations that the president had with the speaker of the house. we have continuedรง even since e speaker of the house walked away from those -- from that potential compromise last friday, we've continued to have conversations with all levels, with democrats, republicans, principals and staffers in search of a solution t
Search Results 0 to 6 of about 7 (some duplicates have been removed)

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